• The number of Bitcoin wallet addresses holding one or more whole BTC has surpassed the one million mark.
• The most notable surges occurred during an acute market crash in June and from November 11, when FTX collapsed.
• Glassnode remains confident that Bitcoin can reach a price of $35,000 in the mid-term.
One Million Bitcoin Wallets Holding One Whole BTC or More
The number of Bitcoin (BTC) wallet addresses holding one whole BTC or more has surpassed the one million mark, according to data from Glassnode. This milestone was reached on May 13, as buyers have been buying up cheap Bitcoin as prices fell over the course of last year.
Noteworthy Market Surges During 2021
The most noteworthy surges occurred during an acute market crash in June and from November 11, when FTX collapsed and subsequently filed for bankruptcy. In total, 190,000 “wholecoiners” were added from early February 2022 as the price of Bitcoin fell from its November 2021 highs.
Price Prediction Confidence
Glassnode co-founder Negentropic expressed confidence in a mid-term outlook of $35k for Bitcoin’s price even with external pressure subsideing . He suggested that it’s best to buy when there’s “blood in the streets” which could be attributed to numerous major bank collapses in the United States and interest rate hikes being paused by the Federal Reserve Bank.
Major Exchange Holdings
According to data from crypto analytics provider CoinGlass, 1.89 million of these BTC — worth $50.7 billion — are held on major centralized exchanges such as Binance and Coinbase. This is roughly 19 million out of 21 million Bitcoins currently circulating around the world today.
Conclusion
The one millionth wholecoiner milestone marks a new notch in the record books for cryptocurrency adoption and investor confidence despite external pressures at play within traditional markets today. With many investors having multiple wallets and exchanges owning large sums of Bitcoin, this record is likely just another stepping stone towards greater cryptocurrency adoption moving forward into 2022 and beyond.